©Reuters. A photo showing oil tanks of the Transneft Oil Pipeline Operator Company at the crude oil terminal Kozmino on the Nakhodka Gulf coast near the Russian port city of Nakhodka, August 12, 2022.Reuters/Tatiana Mir
Written by Florence Tan
SINGAPORE (Reuters) – Russia's exports of refined products fall as concerns over fuel supplies arise after a missile hits a fuel tanker operated by Trafigura in the Red Sea and as several refineries undergo repairs following drone attacks Crude oil prices rose 1% on Monday on the outlook.
Futures rose 83 cents to $84.38 a barrel by 2341 GMT, after hitting a session high of $84.80. U.S. West Texas Intermediate crude rose 78 cents to $78.79 per barrel.
Commodity trader Trafigura said on Saturday it was assessing the safety risks of future Red Sea voyages after firefighters extinguished a fire on a tanker attacked by Yemen's Houthis the previous day.
“While supply disruptions have been limited, the situation changed on Friday when an oil tanker operating for Trafigura was hit by a missile off the coast of Yemen,” ANZ analysts said in a note.
“Oil tankers connected to the US and UK are under threat of attack, and markets are likely to reassess the risk of disruption.”
Both contracts rose for a second week in a row, settling at their highest in nearly two months on Friday, supported by supply concerns in the Middle East and Russia, as healthy economic growth in the U.S. and signs of Chinese stimulus boosted demand expectations. .
Russia has cut exports of the petrochemical feedstock naphtha by about 127,500 to 136,000 barrels per day, or 127,500 to 136,000 barrels per day, or 127,500 to 136,000 barrels per day, after fires disrupted operations at refineries in the Baltic and Black Sea, traders and LSEG vessels said. This is likely to reduce total exports by about one-third. Tracking data.
On February 1, key ministers from the Organization of the Petroleum Exporting Countries (OPEC) and its Russian-led allies, known as OPEC+, will meet online.
However, OPEC+ officials said the meeting was too early to decide on further production policy, and OPEC+ is likely to decide on oil production levels from April onwards in the coming weeks.
